Bloomberg reported Jindal Steel & Power Ltd. (IN:JSP) will spend $6.3 billion to expand production at two projects in India and Oman after scrapping a deal to develop a Bolivian iron ore mine.
As quoted in the market news:
Factory capacity will more than quadruple to 13 million metric tons by 2015, V.R. Sharma, chief executive officer of the steel business, said yesterday in a phone interview. The company, which runs a 3 million ton-a-year mill in India’s central state of Chhattisgarh, is building a 5 million ton plant in the eastern state of Orissa, a 3 million ton mill in Jharkhand and a 2 million ton facility in Oman, he said.